Founder of Ariel Investments — a patient value investor who built America's largest minority-owned investment firm.
Life story
John W. Rogers Jr. was born in Chicago in 1958 and grew up in Hyde Park on the city's South Side. His mother, Jewel Lafontant, was the first African American woman to graduate from the University of Chicago Law School (1946). His father, John W. Rogers Sr., was a Tuskegee Airman who flew over 100 combat missions in World War II and later served 20 years as a Cook County judge. His parents divorced when he was three.
His interest in investing began early: from age 12 his father gave him stocks for birthdays and holidays. He graduated from Princeton in economics in 1980, where he captained the basketball team and was influenced by economist Burton Malkiel.
How they got started
After college Rogers worked at William Blair & Company in Chicago. In July 1983, at 25, he founded Ariel Capital Management with about $10,000 from family and friends. The Ariel Fund opened to the public in 1986.
Ariel became the largest minority-run mutual fund firm in the US. Mellody Hobson, president since 2000, became co-CEO in 2019, and Rogers transferred shares that made her the largest shareholder. The firm was renamed Ariel Investments in 2008. Rogers has also served on boards including Nike, McDonald's and Exelon.
Investment style
Ariel's symbol is the tortoise from Aesop's fable — slow and steady. Rogers buys overlooked, undervalued small and mid-sized companies and holds them for years. The portfolio is concentrated, with the top 10 holdings making up a large share.
He prefers to buy when the market panics and has written about swinging for the fences during downturns.
Best decisions
The 2009 rebound
After a severe 2008, the Ariel Fund gained 63% in 2009 — Rogers' refusal to sell beaten-down holdings during the crisis paid off.
Four decades of independence
A firm started with $10,000 grew into one managing billions, almost entirely owned by employees and the board.
Biggest mistakes
2008: −48%
In the financial crisis, positions such as CBRE and Gannett drove a 48% loss in the Ariel Fund, and the firm laid off about 20% of its staff.
Newspaper mistakes
Rogers has admitted "big mistakes" in media and called Ariel's heavy investment in the bankrupt Journal Register Co. a "disaster."
Today
In 2026 Rogers is 68 and remains chairman and co-CEO of Ariel, running it alongside Mellody Hobson. Ariel managed about $13.8B in 2025, though assets in its flagship funds have declined since 2020.
What to learn from following the portfolio
- Ariel holds positions for years — a new position or a sizable increase is a long-term decision.
- Rogers often owns financials, real estate, media and entertainment companies — sectors that are frequently not halal. See each position's halal status on the Portfolio tab.
- His portfolio can fall harder than the index in crises; patience and tolerance for volatility are required.
- 13F filings lag by 45 days — use them for analysis, not copying.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.